Panama promises to share tax info with the world but not until 2018

Panama will adopt international tax reporting standards and participate in the automatic exchange of tax information by 2018, President Juan Carlos Varela told Japanese media on Tuesday, as his country came under a harsh spotlight in the wake of revelations arising from the "Panama Papers" controversy.

"To prevent the illegal use of Panama's financial systems, we would like to co-operate with other countries to improve transparency," Valera told broadcaster NHK on Tuesday, during a visit to Tokyo.

Members of the Organization for Economic Cooperation and Development, which helped establish the information-exchange scheme, will visit Panama as early as this week to negotiate specific methods for sharing information, Varela told the Nikkei newspaper.

The agreement on automatically swapping tax information, which around 100 countries have now joined, is due to come into effect in 2017. The leak of thousands of confidential documents from a Panamanian law firm earlier this month highlighted Panama's failure to cooperate in international efforts to clamp down on tax evasion by the rich and powerful.

Valera's comment comes after OECD chief Jose Angel Gurria said on Thursday that Panama has decided to adopt international tax reporting standards. Panama will also set up a committee of six to eight domestic and foreign experts within six months to make the Panamanian financial system more transparent, Valera told several Japanese media.

Let's block ads! (Why?)

Share on Google Plus

About Quang

My blog is the place to update the latest information on sports, science and technology ... If you found this article good, useful please the share for others to see, even if you want to design a ecommerce website or web edit or set a special plugin functionality, please contact us now (Information in the footer)
    Blogger Comment
    Facebook Comment

0 nhận xét:

Đăng nhận xét